Consolidated Supervised Entity Examiner – Member Regulation, ROOR
Job Summary:
The Examiner conducts assignments on routine and special Consolidated Supervised Entity (CSE) examinations to assess member firms' risk management framework and evaluate systems and procedures for the establishment and implementation of comprehensive internal controls to effectively manage risk and that are in compliance with applicable rules and regulations; and assists senior staff on more complex assignments.
Essential Job Functions:
- The CSE Associate Examiner demonstrates the necessary knowledge through a program combining self-paced learning (both print-based and computer-based), formal classroom instruction, and On-the-Job Training (OJT) with an assigned mentor or senior staff member (collectively referred to as the structured training plan). Much of the training consists of hands-on experience performing various tasks and reviews under the direct supervision and guidance of a mentor or other senior staff member. The CSE Associate Examiner is required to complete the Elements of Regulation Compliance training and the Foundation coursework which includes ROOR Concentrations in such topics as Books Records, Stock Brokerage Accounting, Advanced Net Capital, SEC Rule 15c3-3 (Reserve Formula and Possession of Control), Credit and Margin Regulations and Focus Analysis. The structured training plan must be completed within 12 months of the hire date.
- Conducts regulatory work, and assists experienced examiners on more complex regulatory work. Work product is subject to review and correction by the supervisor or experienced examiners. Conducts routine and special examinations of member firms' financial, books and records and internal control processes related to market, credit, operational, and liquidity risk to verify that business activities occur as documented and to determine that market and credit risk exposures, specific risk and scenario analysis deductions, and back-testing results for FOCUS Supplementary Schedule reporting are in compliance with the SEA Rule 15c3-1(Appendix E), and other federal securities laws, and FINRA, NASD and NYSE rules and regulations. This includes completing the necessary exam elements with all required schedules and reports, and preparing portions of written examination reports. Assists in the identification of the underlying causes of apparent violations.
- May conduct and document analysis of the financial condition of assigned member firms. This includes reviewing firm records, information available from FINRA systems, and other appropriate material.
- Prepares work papers and written reports to support reviews performed and may participate in exit interviews to provide member firms with information on regulatory concerns noted during exams.
- With direct supervision and guidance, formally or informally interviews member firm personnel, other FINRA staff and staff of other regulatory agencies to gather data pertinent to examinations, investigations and reviews.
- Researches rules, regulations, guidelines, records and databases to gather information used in conducting reviews and examinations. Communicates examination progress and findings to supervisor. Coordinates and communicates effectively with other FINRA personnel. Under direct supervision and guidance, may participate in special projects or regulatory efforts undertaken by Member Regulation.
- Performs administrative tasks as required, including timely, accurate time tracking reports and completion of internal CSE related reports.
Additional Essential Job Functions to be considered for the CSE Examiner at a higher grade level include:
- Interacts with firm personnel under moderate supervision, in areas such as Risk Management (both Market Credit), Product Controllers, Treasury, Operations (front, middle and back office), Trading, Legal Compliance, Internal Audit and Regulatory Reporting.
- Works in a team environment with opportunities to interact with senior member firm and FINRA personnel.
- May assist less experienced examiners during fieldwork or in the office to ensure understanding of role and responsibilities.
- May develop and deliver training presentations offered to newer staff members.
- May serve as an in-field supervisor in the role of Lead Examiner, with responsibility for training and developing newer staff members, reviewing completed work of other team members, and completing examination-related reports and documents on behalf of the team.
- Performs the review, analysis, and testing of: member firm systems (front, middle, and back office) used to capture, aggregate and measure risk; review inputs to Value at Risk(VAR), reconciliation process of various risk and trading systems to verify accuracy of the data capture and quality processes; the establishment, approval and monitoring of limits; model approval and maintenance; product control and price verification; operational risk management, funding method, and corporate governance structure.
- Performs multiple, complex examinations simultaneously, including regular examinations and special "cause" examinations or projects as necessary.
- Communicates findings and related issues to senior management of the members and member organizations, NYSE and other regulatory agencies, both verbally and in written correspondence.
- Prepares written reports and conducts exit interviews to provide member firms with information on regulatory concerns noted during exams.
- Presents examination-related matters to colleagues and managers at monthly staff meetings and quarterly divisional training sessions.
- Works closely with the Securities Exchange Commission and other regulatory organizations.
Education/Experience Requirements:
- Bachelor's degree in Finance, Accounting, Business Administration or a related discipline with a minimum of 9 credits in Accounting.
- Directly related experience in a regulatory, compliance or investigative role is highly desired, with securities industry experience preferred.
- Excellent analytical and evaluation skills related to activities of floor members and member organizations for rule compliance.
- Excellent interpersonal, written and verbal communication skills and computer proficiency are essential.
- Knowledge of various computer applications (e.g., MS Word and Excel).
Additional Education/Experience Requirements to be Considered for a Financial Operations Examiner at a higher level include:
- Minimum of five to six years Securities Industry, Financial or Regulatory experience, including prior examination and/or auditing experience.
- Thorough knowledge of Self-Regulatory Organization and SEC rules and regulations, and generally accepted accounting principles.
- Excellent analytical and evaluation skills related to activities of floor members and member organizations for rule compliance.
- Full understanding of NYSE floor related surveillance applications such as MARS and ISIS2.
- Ability to examine financial, operational and sales practices of member firms for rule compliance.
- Expert knowledge of NYSE and SEC rules and regulations, including those relating to members and Specialist.
- Firms on the NYSE floor, and generally accepted accounting principles.
- Ability to supervise, train and evaluate staff.
- Ability to evaluate new products and systems.
Working Conditions:
- Work is normally performed in an office environment, with extended hours, when necessary.
- Challenging work environment, continuous learning, and constantly changing landscape.
- Dealings with senior industry management and become a part of ground breaking financial reform initiatives.
- Exposure to numerous areas of a broker-dealer's business.
- Overnight travel (approximately 25% per year) is required. FINRA examiners work in a team environment.
The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required.
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In addition to a competitive salary, comprehensive health and welfare benefits, and incentive compensation, FINRA offers immediate participation and vesting in a 401(k) plan with company match. You will also be eligible for participation in an additional FINRA-funded retirement contribution, our tuition reimbursement program and many other benefits. If you would like to contribute to our important mission and work collegially in a professional organization that values intelligence, integrity and initiative, consider a career with FINRA.
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About FINRA
The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA's mission is to protect America's investors by making sure the securities industry operates fairly and honestly. All told, FINRA oversees nearly 4,600 brokerage firms, about 164,000 branch offices and approximately 632,000 registered securities representatives.
FINRA's independent regulation plays a critical role in America's financial system and touches virtually every aspect of the securities business-from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. We also perform market regulation under contract for the major U.S. stock markets, including the New York Stock Exchange, NYSE Arca, NYSE Amex, The NASDAQ Stock Market and the International Securities Exchange.
FINRA has approximately 3,000 employees and operates from Washington, DC, and New York, NY, with 20 regional offices around the country.
In today's fast-paced and complex global economy, FINRA is a trusted advocate for investors, dedicated to keeping the markets fair and proactively addressing emerging regulatory issues before they harm investors or the markets.
Find out more about us and how we work-and view our current openings-atwww.finra.org/careers.
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